Foresight Solar Fund completes acquisition of 81 MW operational solar portfolio in UK

Foresight Solar Fund Limited announced that it has completed the acquisition of a 100% interest in a portfolio of 11 operational solar assets in the UK with a total installed capacity of 80.9 MW. The portfolio has been acquired for EUR33.1 million (US$38 million), including the economic benefit of all cash flows from 1 April 2018.

As previously disclosed, the acquisition will be funded by the proceeds of the equity issue of approximately EUR58 million (US$66 million), which was completed on October 2018. The remaining proceeds following completion of the acquisition will be used to reduce the group's gearing by repaying some of the existing bank facilities.

The UK based portfolio, which has been operating for a minimum period of two years, comprises 11 solar projects with a total combined capacity of 80.9 MW that have been managed by Foresight Group's in-house Asset Management team, which will continue to manage the assets.

The assets include: Bull's Head (Milton Keynes, 5.3MW), commissioned in October 2014 and received ROC accreditation of 1.4ROCs/MWh; Bilsthorpe (Nottinghamshire, 5.7MW), commissioned in November 2014 and received ROC accreditation of 1.4ROCs/MWh; Roskrow (Cornwall, 8.9MW), commissioned in March 2015 and received ROC accreditation of 1.4ROCs/MWh; Nowhere (Lincolnshire, 8.1MW), commissioned in March 2015 and received ROC accreditation of 1.4ROCs/MWh; Ash Farm (Shropshire, 8.4MW), commissioned in March 2015 and received ROC accreditation of 1.4ROCs/MWh; Pen & Cae (Carmarthenshire, 6.8MW), commissioned in March 2015 and received ROC accreditation of 1.4ROCs/MWh; PS Manor Farm (Bedfordshire, 14.2MW), commissioned in October 2015 and received ROC accreditation of 1.3ROCs/MWh; Playters (Suffolk, 8.6MW), commissioned in October 2015 and received ROC accreditation of 1.3ROCs/MWh; Lindridge (Leicestershire, 4.9MW), commissioned in March 2016 and received ROC accreditation of 1.3ROCs/MWh; Abbey Fields (Kent, 4.9MW), commissioned in March 2016 and received ROC accreditation of 1.3ROCs/MWh; and Mission (South Yorkshire, 5.0MW), commissioned in March 2016 and received ROC accreditation of 1.3ROCs/MWh.